Dallas-based SWBC Real Estate LLC has bought 18.5 acres of land within AllianceTexas from Hillwood Properties to develop Overlook Ranch, a 318-unit, Class A apartment community.

The tract of land is near State Highway 170 and Interstate 35W in north Fort Worth. Terms of the deal were undisclosed.

Construction is expected to begin by the end of the year, with preleasing starting in early 2013.

"The project complements Hillwood's efforts in the multifamily industry in north Fort Worth, and we are pleased to see the diversity of product coming to the area," Mike Berry, president of Hillwood Properties, said in a written statement.

Hillwood's internal business strategy at AllianceTexas is focused on its 900-acre Alliance Town Center, where long-term plans call for up to 3,000 multifamily units. Currently, there are 550 units either completed or under construction.

Hillwood plans to break ground on another 360 units in the second half of 2012.

SWBC Real Estate bought the property based on the increase in North Texas' population over the past decade and the emerging demand for apartment and other multifamily options, said Terry Gwin, president of the firm.

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